{"id":2867,"date":"2017-12-13T20:46:29","date_gmt":"2017-12-14T02:46:29","guid":{"rendered":"https:\/\/pickettoil.wordpress.com\/?p=337"},"modified":"2017-12-13T20:46:29","modified_gmt":"2017-12-14T02:46:29","slug":"wsj-article-interesting-read","status":"publish","type":"post","link":"https:\/\/pickettoil.com\/store\/wsj-article-interesting-read\/","title":{"rendered":"WSJ Article \/ Interesting Read"},"content":{"rendered":"
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Oil Prices Hit High, Before Sliding, Amid Disrupted Supply<\/h1>\n

Interruptions across the world and OPEC\u2019s productions cuts buoy a beleaguered oil industry<\/h2>\n<\/div>\n<\/div>\n<\/header>\n
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\"The<\/div>\n
The Bashneft PAO oilfield, Russia. Oil-supply cuts and disruptions have coincided with healthy oil demand this year as the global economy enjoys a rare spurt of synchronized growth.<\/span>\u00a0PHOTO:\u00a0<\/span>ANDREY RUDAKOV\/BLOOMBERG NEWS<\/span><\/div>\n<\/div>\n<\/div>\n<\/div>\n
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By :<\/p>\n

Georgi Kantchev<\/span>\u00a0nd<\/div>\n
Benoit Faucon<\/span><\/div>\n<\/div>\n

12\u00a0COMMENTS<\/span><\/a><\/div>\n
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LONDON\u2014The beleaguered global oil industry is seeing the beginning of the end of the crude glut.<\/p>\n

A wave of oil-supply disruptions, rising demand and OPEC\u2019s production cuts has raised hopes among investors and producers that global oil supplies are finally falling back in line with demand, after years of being out of whack.<\/p>\n

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Oil inventories in the industrialized world\u2014a proxy for the glut\u2014have fallen to their lowest levels in two years. Brent crude, the international benchmark,\u00a0rose past $65 a barrel<\/a>\u00a0in volatile trading Tuesday for the first time since June 2015 before falling to $63.46 a barrel on Tuesday evening in London.<\/p>\n

Oil-industry players are now preparing for a more stable price around $60 a barrel or higher, after a three-year roller coaster when the price fell from over $100 a barrel in 2014 to less than $28 a barrel in 2016 before stagnating in the $40s and $50s much of this year.<\/p>\n

\u201cIt\u2019s actually tempting us to revise our price forecasts higher,\u201d said Amrita Sen of consultancy Energy Aspects, which predicts Brent will average $64 a barrel next year.<\/p>\n

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